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eWallets explode

The uptake and use of FNB’s eWallet product is one of the biggest success stories of financial inclusion, the bank said this week, commenting on the phenomenal popularity of this method of payment.

“This product has continuously assisted all unbanked citizens with access to banking facilities without a bank account or bank card. More than 50% of the eWallets belong to non-FNB clients” said Desery van Wyk, Manager of Cellphone Banking at FNB Namibia.
“The uptake and usage of the product has exceeded our wildest expectations. Namibia contributes almost 50% towards the FNB International’s growth in eWallets (number of eWallets opened). There are more than twice as many eWallets created as the number of Cellphone Banking users. The year on year base grew by 139% and the year on year value of money sent via eWallets increased by 144%. ” The growth remains strong as more and more unbanked people are beginning to understand the value, ease, convenience, low cost and safety of this product.

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